Should I Close this account or Keep it Open?

Should I Close this account or Keep it Open?

Hello Folks - the Comenity Bank is reporting the TL below for a Blair Card, that went delinquent, but totally paid off. Even though it is paid off, the OC still kept it open and there has been no activity on the account since 2010. I have disputed and sent GW letters to remove the derogs but has not been successful. I don't want to apply for a credit increase now (and reopen the account), so is there any benefit to closing the account? Please find below the TLs as reported to EX and TU:

Re: Should I Close this account or Keep it Open?

Oyiwaa wrote:

Hello Folks - the Comenity Bank is reporting the TL below for a Blair Card, that went delinquent, but totally paid off. Even though it is paid off, the OC still kept it open and there has been no activity on the account since 2010. I have disputed and sent GW letters to remove the derogs but has not been successful. I don't want to apply for a credit increase now (and reopen the account), so is there any benefit to closing the account? Please find below the TLs as reported to EX and TU:

Cheers, Oyiwaa

It is so small I can't read anytthing on it.

When was it opened? If the only reason it is adverse is the lates, they will come off 7 years from each occurence. When the last one comes off it will become a positive account and stay for up to 10 years from the date closed.

Re: Should I Close this account or Keep it Open?

thanks very much -- sorry the image is small - you can actually (double)-click on it to enlarge it. At any rate, it was opened in 2008, had a couple of 60, 90 & 120 day lates, forcing the OC to reduce the credit limit until the balance was paid off. Given that most of the serious lates are about 2 yrs old now, will they still have a negative impact on my scores?

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.